Is my stator ready to explode?

[Roadinator]

The short story...
Rode the bike yesterday and noticed the volt meter running around 12v.  Thought it usually runs around 14v, but have only had it for a few weeks, so I did not think much of it.  Started the bike today to go on a ride with the wife and noticed a sound coming from the side of the motor (during warm up).  Grabbed my phone and took a video to ask what it was later and went for our ride.  During the ride the volt meter was running weird, scrambled numbers.  I thought maybe I got water in it from washing the bike last night.

Did a little research tonight and it looks like the sound is coming from the stator/alternator (I think the alternator is in there).  I have posted the video for reference.  In the video I panned to the exhaust for some sound and to show the steam coming out of the exhaust.  Is the steam common for this bike and will it be like this year round?  Also let me know what you think sound wise of how the bike runs.  Seems good to me, but chime in if it sounds any different than another Tiger (haven't seen another one in person - ever).  At the end of the video I go back to the alternator cover and you get a good sound of the noise, but it is short.

Let me know what you think.  With the volt meter going funky I am thinking the Stator?  Guess I should dive in and pull the cover to look around.  It has been worked on before, because you can see gasket sealer around the cover.  It is an '05 with 50k.  I do have a Haynes manual and I want to learn how to do the wrenching on this bike.  Was hoping to have some time before spending money for repairs, as I have been spending plenty on helmets, jackets/pants, communications, tire, gloves, etc.  If anybosy knows a better way to post videos here let me know.
(http://roadinator.smugmug.com/Other/First-look-at-new-Tiger/29064129_d6CnVL#!i=2520162234&k=KQdWzfp&lb=1&s=A)
Thanks!

[Roadinator]

I ran my external volt meter on the bike and it reads fine.  12.5 at idle and a little over 14v while running at highway speeds.  I am checking off the battery, so should I check it another way to make sure it is my volt meter and not the bike?  I went for a ride and the volt meter started when running at slow speed and I turned around and came home. 

[Mustang]

battery is where your on board voltmeter should be connected anyway
battery is the ideal spot to read volts from charging system.

the noise you hear is normal tiger noise

steam is perfectly normal

[Roadinator]

Thanks Mustang.  Will replace the volt meter and go from there.  Are you the one who makes the lowered footpegs?  I was wondering if they tear up boots over time with the slightly spiked edges?  The other question was about passenger pegs.  Can you use the ones you make for passengers?  Thanks!   

[Gravity Tester]

Did you open it up to look at? Did you move your meter back to the battery? just curious, I hate rattles. 

[Roadinator]

Stator bolts came loose and had two grinding away.  Replaced and back on track.  I'm glad I did check